New York City Sets Up $26-Million Loan Fund for Sandy-Hit Charities

New York nonprofit organizations damaged by Superstorm Sandy will be eligible for interest-free loans of up to $10,000 to finance recovery efforts under a program announced Tuesday by Mayor Michael Bloomberg, the New York Business Journal reports.

The $26-million NYC Nonprofit Recovery Loan Program will give priority to charities that suffered the most severe property and other damage or are based in parts of the city hardest hit by last month’s storm. The Ford Foundation, the Robin Hood Foundation, and Capital One Bank are among the program’s supporters, and the Lawyers Alliance for New York City has assembled a volunteer corps to assist nonprofits on storm-related legal issues.

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